Can someone please help me with this? It's the only question I need help with (since we are reviewing things that we learned in
6th grade again)
2 answers:
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Answer:
Step-by-step explanation:
For this case we can use the formula for the future value with compound interest given by:
(1)
For this case since the interest is compounded quarterly we have 3 periods each year, since we have 3 quarters in a year.
r represent the rate =0.026
t = 6 represent the number of years
P = 3200 represent the amount invested at the begin
If we apply the formula (1) we got:
So then the balance after 6 years would be approximately 50995 with the conditions provided.